RMR Wealth Builders Lowers Position in DraftKings Inc. (NASDAQ:DKNG)

RMR Wealth Builders lessened its stake in DraftKings Inc. (NASDAQ:DKNG) by 21.8% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,076 shares of the company’s stock after selling 1,698 shares during the quarter. RMR Wealth Builders’ holdings in DraftKings were worth $226,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Pine Valley Investments Ltd Liability Co raised its stake in DraftKings by 3.7% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock valued at $271,000 after purchasing an additional 249 shares in the last quarter. Global Retirement Partners LLC raised its stake in DraftKings by 0.6% during the third quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock valued at $1,845,000 after purchasing an additional 273 shares in the last quarter. Creative Financial Designs Inc. ADV raised its stake in DraftKings by 36.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after purchasing an additional 320 shares in the last quarter. Smith Thornton Advisors LLC raised its stake in DraftKings by 3.9% during the third quarter. Smith Thornton Advisors LLC now owns 9,552 shares of the company’s stock valued at $374,000 after purchasing an additional 360 shares in the last quarter. Finally, Hudock Inc. raised its stake in DraftKings by 5.5% during the third quarter. Hudock Inc. now owns 7,825 shares of the company’s stock valued at $307,000 after purchasing an additional 410 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Analyst Ratings Changes

DKNG has been the topic of a number of recent research reports. BMO Capital Markets reaffirmed an “outperform” rating and set a $48.00 price target on shares of DraftKings in a research note on Wednesday, October 16th. Morgan Stanley increased their target price on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd. Wells Fargo & Company increased their target price on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. TD Cowen increased their target price on shares of DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price on shares of DraftKings in a research note on Friday, November 8th. Three analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $51.08.

DraftKings Stock Performance

DKNG stock opened at $39.49 on Friday. The firm has a market cap of $34.78 billion, a price-to-earnings ratio of -44.87 and a beta of 1.90. The firm has a 50-day simple moving average of $40.49 and a two-hundred day simple moving average of $37.90. DraftKings Inc. has a one year low of $28.69 and a one year high of $49.57. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. On average, equities analysts forecast that DraftKings Inc. will post -0.79 EPS for the current fiscal year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 228,496 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the completion of the sale, the insider now directly owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. This represents a 29.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Paul Liberman sold 88,441 shares of the stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the completion of the transaction, the insider now directly owns 1,923,483 shares of the company’s stock, valued at $70,034,016.03. The trade was a 4.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,052,183 shares of company stock valued at $41,303,025. 51.19% of the stock is currently owned by insiders.

DraftKings Profile

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.